Currently, I think time is on the Ukrainian’s side and will remain that way as long as Russia doesn’t deliver a death blow to their military in the field.
I wouldn’t say it’s impossible, but it would be very, very painful unless Putin gets most of his demands, which I don’t see happening.
This is all going to hinge on two fronts, so to speak. Politically, will the west keep the pressure up, and keep upping the pressure on the economic and sanctions side of things? That is really mounting incredible pressure on the Russian economy and on their public. In a similar vein…what will China do? What will India do? China, especially, is the real wild card wrt economics and sanctions. The other front is, of course, the military one. Will the Ukrainian military continue to exist as a fighting force? Will they continue to fight? How will pubic morale hold out? What sort of support will they get from the west in terms of military aid and financial aid? Depending on how those fronts pan out will depend on what you are asking for.
Scenarios wise, I’d say, broadly, there are two possibilities that I see. Maybe three. The first one is Ukraine holds out, that Russia gets bogged down in a morass of intermediate fighting. Currently, Russia is holding back. They aren’t going all out to destroy Ukraine and the Ukrainian military. There are a variety of reasons for this, but that’s what’s happening. And it’s not going well for Russia under this level of fighting. So, if this continues, then I could see some sort of settlement, where Ukraine gives up the breakaway territory and Russia ceases operations. Or, Russian will collapse, and/or Putin et al are overthrown…or at least lose enough power that others step in for some sort of broader settlement. Or…Russia goes all in on its attack, basically throwing everything at Ukraine in an effort to completely destroy them and take them out. In which case, I think Russia becomes a pariah state for a long time to come.
To me, a lot of this will hinge on both the political/economic aspect as well as what happens on the battlefield. On what 3rd parties will do, such as western Europe, the US, China and India. Right now, currently, the increasing pressure from the west especially wrt sanctions and other economic impacts as well as cutting off Russia and Russians from access to the west is going to be pretty decisive, especially in the medium and long term…if it keeps up. Unless China steps in and starts pouring money and trade into Russia to mitigate the sanctions. And unless India stays on the fence. An India that comes off the fence on the wests side wrt trade, sanctions and economic impact and/or a China that stays on the fence and does nothing would also be decisive. And, of course, what happens on the battlefield can be equally decisive, especially since it could cause fence sitting nations to either stay there or pick a side.